02/28/2022

General Assembly Adopts New Income and Principal Act

On February 21, 2022, the Virginia General Assembly completed passage of HB 370 which adopts the Uniform Fiduciary Income and…

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02/21/2022

IRS Announces Inflation Adjusted Figures

On November 29, 2021, the IRS issued Revenue Procedure 2021-45, providing inflation-adjustments for various provisions of the Internal Revenue Code. …

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02/20/2022

Gift to Spouse Recharacterized

In Smaldino v. Commissioner, the Tax Court ruled that a husband’s transfer of a 41% membership interest in a limited…

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02/18/2022

New Retention Policy for Estate Tax Returns

The IRS recently announced that effective February 11, 2022, it will no longer keep estate tax returns for 75 years…

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02/15/2022

Co-Executors Removed

In Galiotos v. Galiotos, the Supreme Court of Virginia held that the trial court properly removed two brothers as co-executors…

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02/01/2022

Trustees Can Challenge Revocation of Trust

On April 1, 2021, the Supreme Court of Virginia ruled in Plofchan v. Plofchan that the agent under a power…

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